Air Products & Chemicals (NYSE:APD) Awaits Poison Pill Ruling

Air Products & Chemicals (NYSE:APD) is probably still pursuing Airgas, and Jefferies believes the company won't make their next move until after a court ruling on a poison pill provision.

Jefferies said, "The Chancery court deadline of December 10 may suffice to precipitate a higher offer; or Air Products may hang fire and wait until after the the court rules on the poison pill provision (probably before year-end) before it makes its next move."

ESP estimates were raised for full year 2011 from $5.65 to $5.75, and for full year 2012 from $6.15 to $6.55.

Jefferies maintains their "Buy" rating on the company, which closed Monday at $87.69, up by $0.08, or 0.09 percent. They raised their price target on them from $96 to $105.